US financial services giant buys stake in TH Real Estate for £80m

TIAA-CREF, the US financial services giant, said yesterday it has bought the remaining 40 per cent stake in TIAA Henderson Real Estate it did not already own from joint venture partner Henderson Global Investors for £80m.

The pair created the investment management firm in 2013 after combining Henderson’s European and Asia Pacific property arm with TIAA-CREF’s European assets.

It has made 67 acquisitions worth more than $3.7bn since it launched and now has $26bn (£17bn) in assets under management across Europe, Asia and North America.

Its pipeline of schemes include 40 Leadenhall Street, which has also been dubbed “Gotham City” after the architects Make were inspired by the same US neo-gothic architect that influenced Tim Burton’s Batman movies.

Andrew Formica, chief executive of Henderson, said: “Our decision to sell our 40 per cent holding in TH Real Estate will give them the best possible opportunity to grow their business.